Completed/Sold 8 Condos in Salem Massachusetts

[Eric Sullivan]

Investment Info:

Large multi-family (5+ units) fix & flip investment in Salem.

Purchase price: $950,000
Cash invested: $285,000
Sale price: $2,000,000

Purchased as an 8 unit apartment building and converted all units into condos with a full renovation. Each unit was around 350-400 sqft with 2 rooms + bathroom. Think studios with an actual bedroom wall. The property included parking in the rear for each unit, individual storage units in the basement, as well as individual laundry.

What made you interested in investing in this type of deal?

The potential returns on a condo sale. The bones of the building were in good shape since all of the plumbing and electrical was up to date. We really just needed to invest in cosmetics of the building both inside and out.

How did you find this deal and how did you negotiate it?

Off market from an agent we work with in the area.

How did you finance this deal?

Commercial bank loan 75% LTV.

How did you add value to the deal?

Cosmetic renovations.

What was the outcome?

The property was setup to be sold individually as condos but an investor gave us full ask as if we were selling it as condos so we sold all 8 units to one individual.